This article is from the Australian Property Journal archive
A 168 sqm Southbank site with a permit for a 33-level high rise apartment tower has sold to a local private investor for $3.1 million.
Colliers International’s Daniel Wolman and Oliver Hay, in conjunction with Raff De Luise of ICR Property, negotiated the sale of 11 Hancock St Southbank.
The 168-sqm site was offered with approval a 33-floor, 58-apartment tower.
Wolman said this sale represented a rare and highly sought after opportunity.
“It is one of the last sites in Melbourne with a permit for a high rise tower, to 33 levels, and high profile corner land holdings such as this are also in short supply. As such, we fielded significant interest in what was a very affordable development site on the cusp of Melbourne’s popular city fringe,” he added.
De Luise said the future development would be situated within Melbourne’s most successful high rise residential precinct in Southbank, within the heart of the Crown Casino precinct.
Wolman said recent changes to Melbourne’s planning scheme, including changes to plot ratios and setbacks, mean the opportunity to develop a landmark project on a site this small was likely to never be seen again.
“We are likely to see a continuation of the trends we saw in 2015, with limited sites now available across inner city locations,” Wolman predicted.
Australian Property Journal
